Anthropic, the artificial intelligence company behind the Claude models, will begin formally marketing its initial public offering on Tuesday morning, 10 November, launching its roadshow for a planned Nasdaq listing under the ticker ANT, IFR reported.

The move, reported by IFR and cited across market coverage on Monday, positions Anthropic for a potential trading debut in the week before Thanksgiving, with the Wall Street Journal reporting a target of 19 or 20 November. The offering is expected to raise between $75 billion and $100 billion, according to the IFR report.

Valuation expectations have cooled

The roadshow begins after a rough week for the deal. Some potential backers were discussing a valuation of about $1.2 trillion to $1.3 trillion, as much as 40% below the $2 trillion figure floated by investors in early October, ZeroHedge reported. Other reports put the targeted range at $1 trillion to $1.5 trillion.

Goldman Sachs and Morgan Stanley are leading a syndicate of 22 underwriting banks, with retail investors also expected to receive an allocation. The listing would make Anthropic the first pure-play AI company to reach the public markets at scale.

Anthropic filed its public S-1 prospectus on 26 October and updated it on 2 November, with committed spending jumping to $900 billion, according to ZeroHedge. The amended filing had still not included a price range, share count or total raise amount, and a further filing expected early this week is set to lay out the valuation range, the number of shares and the price.

Earliest possible first trade is 16 November

Under the regulator's calendar, the roadshow could not start until Tuesday because of the mandatory 15-day waiting period that followed the 26 October public filing. The earliest date a price could be set is 13 November, and with the regulator closed on 11 November for Veterans Day, the first possible trade would be Monday, 16 November.

Anthropic has not confirmed the dates itself, and the company has said nothing publicly about when it will start, how long the marketing phase will last or when it wants to list. The dates reported so far come from press reports and regulatory arithmetic, not from the filing.

New model launched at lower prices

On Monday, Anthropic also launched its new Claude Fable 5.2 model, priced 20% below its predecessor at $8 per million input tokens and $40 per million output tokens, down from $10 and $50. The model is available on all paid plans, on the Claude platform and on all major cloud platforms.

The roadshow launch helped lift market sentiment on Monday, with the three major US indexes continuing to recoup some of last week's losses. A sell-off in AI-related stocks last week had sparked concern that the roadshow and listing timeline might be delayed. Investor demand during this week's meetings will now decide whether the offering lands in the reported valuation range, or is postponed.